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05/08/2008
Swiss bank gets injunction to prevent ex-employees poaching staff |
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A Swiss bank has been granted a court order to prevent ex-employees from poaching its investment clients and current employees.
The ruling by a high court judge, Mr Justice Openshaw, yesterday (August 4th) has given UBS the right to prevent five former employees of the bank approaching clients and staff to encourage them to work for their new employer, Vestra Wealth.
Vestra was founded by former UBS employee David Scott, who has since been accused of "deliberately stealing the bank's business", the Times reported.
Commenting on the case, Mr Justice Openshaw said he was "firmly of the view that the claimants have put forward a formidable case that there was an unlawful plan to poach staff and clients from UBS".
He continued: "It is in my judgment an unlawful conspiracy dressed up as lawful competition."
The injunction will act as a preventative measure to stop Vestra and its staff approaching UBS employees until the bank brings a "larger legal case" in October.
The FT reported that UBS has claimed to have lost 75 of its 1,100 wealth management employees to Vestra since May. |
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